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TaxRobin
TaxRobin, Tax Consultant
Category: Tax
Satisfied Customers: 15582
Experience:  International tax
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I am selling my property in Florida, which is an investment

Customer Question

I am selling my property in Florida, which is an investment property, and has been rented out to holiday makers for the past 11years. I have made Annual Tax Returns to the US Internal Revenue, and my accountant in the US says that as I have made a loss, overall I will not have to pay Captital Gains Tax in the US.
If I bring the remaining funds back into the UK, will I have to pay any tax over here?

Frances Stevens
Submitted: 3 years ago.
Category: Tax
Expert:  TaxRobin replied 3 years ago.
Hello,
Even on foreign property you must work out if you have a gain (which would require CGT ) or a loss.
When you make a loss by selling or disposing of an asset, you can only set it against your income in very specific circumstances.
If you’re ‘resident’ and 'domiciled' in the UK, you deduct losses on overseas assets in the same way as losses you make on UK assets.
You do not pay tax on losses so bringing the money back to the UK is not a taxable event.